Saudi Arabia plans mega city off the Red Sea coast

20 Nov Saudi Arabia plans mega city off the Red Sea coast

Saudi Arabia has announced plans to build a $500 billion mega city on the Kingdom’s Red Sea coast, as part of a huge national push to diversify its economy.

The 26,500 square kilometres zone, known as Neom, will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment, Saudi Crown Prince Mohammed bin Salman said yesterday.

“The focus on these sectors will stimulate economic growth and diversification by nurturing international innovation and manufacturing, to drive local industry, job creation, and GDP growth in the Kingdom,” said Prince Mohammed, who is also the Chairman of the Public Investment Fund (PIF).

“Neom will attract private as well as public investments and partnerships. The zone will be backed by more than $500 billion over the coming years by the Kingdom of Saudi Arabia, the Saudi Arabian Public Investment Fund, local as well as international investors,” he added.

The business and industrial city will be located in the Kingdom’s north-western region and is the world’s first zone to extend across three countries, stretching its borders into neighbouring Jordan and Egypt.

Adjacent to the Red Sea and the Gulf of Aqaba, and near maritime trade routes that use the Suez Canal, the zone will power itself solely with wind power and solar energy.

The city aims to offer its inhabitants “an idyllic lifestyle paired with excellent economic opportunities that surpass that of any other metropolis. It will attract Saudi Arabians and expatriates, as do all other global societies,” PIF said in a statement.